Looks to source new technologies and capabilities
MeadWestvaco Corporation has acquired dispensing closures supplier Polytop Corporation for an undisclosed sum.
Commenting on the transaction, chairman and ceo of MWV, John A Luke, said: “The acquisition of Polytop extends our participation in attractive packaging end-markets that we have targeted for profitable growth around the world. We have an aggressive growth strategy that targets more than $1bn of additional revenue over the next three to five years through initiatives centred on commercial excellence, innovation and emerging markets that we will augment with bolt-on acquisitions that bring us new technologies or capabilities. Polytop exemplifies the high-return opportunities we will add to our packaging platform to deliver the best possible solutions to our targeted global customer base.”
MWV says it hopes to grow Polytop’s strong North American presence and enable it to expand into new regions. “We see this as an excellent opportunity for Polytop Corporation,” said William Masser, retiring Polytop ceo.
The company’s offices and manufacturing facilities in Slatersville, Rhode Island will remain in full operation, while all 180 Polytop employees will become MWV employees.